gleem

ok, my friend is pretty messed up over a bad investment him and his wife made a couple years ago, here's the deal:

They bought a property for 193k, with only 9k down and a 8% mortgage.

they are saying that now 2 years later the houses have come down in value in the neighborhood and are now selling for 175 - 185k

he doesn't have renters, says he can't find any, and is talking about stopping paying the mortgage cause it's $1700 a month and he can't afford it anymore, and he's convinced he can't sell it even though he hasn't tried.

Now I know there's gotta be an angle here to help him not go into foreclosure and pickup a tidy profit for myself somehow.

I haven't gotten 100% of the deatails, but assume it's an assumable mortgage.

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